If a check correctly written and paid by the bank for $560 is incorrectly recorded on...
If a check correctly written and paid by the bank for $560 is
incorrectly recorded on the company’s books as $506, the
appropriate treatment on the bank reconciliation would be to
| deduct $54 from the book balance. |
| deduct $560 from the book balance. |
| add $54 to the book balance. |
| deduct $54 from the bank balance. |
***** the answer is not " add $54 to the book balance.''*****
Homework Answers
| Answer: | Deduct $54 from the book balance |
Explanation:
| Amount of Error = $560 -$506 = $54 |
| The bank has paid $560 but in company books $506 is recorded. So, the company have recorded less payment in its book by $54 and by this error the book balance is MORE by $54. Hence, the company has to deduct $54 from its book balance. |
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American Bank. Bank statements are prepared at the end of each
month. The November 30, 2021, reconciliation of the bank balance is
as follows:
Balance per bank, November 30
$
3,241
Add: Deposits outstanding
1,210
Less: Checks outstanding
#363
$
124
#365
202
#380
57
#381
87
#382
350
(820
)
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$
3,631
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Add: Deposits outstanding
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Less: Checks outstanding
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202
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